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To help you navigate your choices, I have put together a list of four rules you need to remember when considering your health insurance options.
1. NEVER OVERPAY FOR YOUR HEALTH INSURANCE – Health insurance is useless unless it is affordable. Don’t pay for a Gold or Platinum plan with all the mandates if you only need a Silver or Bronze plan.
2. YOU DON’T NEED HEALTH INSURANCE JUST TO GO TO A DOCTOR - Anyone can see a doctor by just paying for an office visit. You need health insurance to pay for hospitals, expensive tests, and high-priced medications.
3. REMEMBER, HEALTH INSURANCE IS A FINANCIAL INSTRUMENT – Health insurance coverage is used to protect your assets like a home, financial assets, or any job where your wages or salary could be attached to pay for your medical bills.
4. UNDERSTAND THE TRUE FINANCIAL RISK OF YOUR HEALTH INSURANCE – When you have a health insurance policy, you have two major financial obligations: your monthly premium and the combined deductible or out of pocket cost of the policy. Taken together they make up your True Financial Risk.
HOW CAN I PROTECT MY FAMILY AND LOWER MY TRUE FINANCIAL RISK?
- You can add GAP coverage to pay for or reimburse the gap of your combined deductible before the insurance carrier pays the remainder of the medical expenses.
- GAP coverage is a separate policy designed to pay for specific medical expenses such as accidents, hospital admissions and inpatient expenses, and critical illnesses.
WHAT ARE MY OPTIONS FOR 2023?
- ACA plans with all the mandates and the waiver of pre-existing conditions.
- Non-ACA plans like Catastrophic Plans, Healthcare Sharing Ministries, Hospital Indemnity Plans, and certain types of Association Plans. These plans do not waive pre-existing conditions and may not cover these conditions or restrict coverage for 12 to 24 Months.
CAN I ENROLL IN ONE OF THESE PLANS WHENEVER I WANT?
- ACA Plans - No, unless there is a qualifying event, you may only enroll in these plans during Open Enrollment for individual coverage, which begins during the 4th quarter of the year.
- Non-ACA Plans – Yes, there are no restrictions as to the time of the year for enrollment.